ARK Innovation's performance under pressure as tech stocks swoon

StreetInsider2021-05-05

NEW YORK (Reuters) - A rotation out of growth and technology stocks and a recent slide in shares of Tesla Inc are weighing on the performance of ARK Innovation, the flagship exchange-traded fund ...

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Alykrunch
2021-05-06
Alykrunch
Will you still stay?
- 林癸源:
  [打脸] [打脸]
- Stylerz:
  [OK]
BL9626
2021-05-05
BL9626
Auntie Cathy will be back
VictorTan
2021-05-05
VictorTan
Omg
Jo5tarz
2021-05-05
Jo5tarz
🖐️💎✋
- YPT:
  [OK] [强] [强]
Champion365
2021-05-05
Champion365
👌
Chempedak
2021-05-05
Chempedak
Ok

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For the year to date, the fund is down 9%, a performance that puts it in the bottom 100th percentile in Morningstar's category of 543 mid-cap growth funds. The S&P 500 is up 10.9% over the same time.Investors pulled $645.5 million out of the fund during the week that ended April 21, a 2.6% decline that was its largest weekly outflow in percentage terms since 2018 and only the fifth weekly loss overall since 2019, according to Refinitiv Lipper. The fund brought in $37 million the following week, the smallest weekly inflow in percentage terms since January 2020.Among the factors denting the fund is a rally in shares of financials, energy firms and other companies that stand to benefit from a powerful U.S. economic rebound that has made the growth and tech stocks that dominated last year less alluring to some investors. The Russell 1000 Value index, for example, is up nearly 15.8% for the year to date, while the Russell 1000 Growth index is up 5.5% over the same time.Shares of Tesla, which make up 10.5% of the fund and are its biggest holding, are down 4.5% since the start of the year, contributing to the fund's slide. 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She became a favorite of retail investors as technology and growth stocks surged during the pandemic last year.ARK did not respond to a request to comment for this story.The fund gained 152.8% in 2020, the best performance among any actively managed U.S. equity fund tracked by Morningstar.Of the fund's 10-largest holdings, only one - payment company Square Inc - is up for the year to date.\"We are in a scenario now that is quite different than it was the year before, and as we see the reopening increase and the pandemic eases, the performance of growth names is going to be more dictated by the Fed\" and its interest rate policies than by the economic recovery, said Quincy Krosby, chief market strategist at Prudential Financial.The slowing performance of the fund could also focus more investor attention on its strategy of taking large bets on a handful of companies, a style that may make it \"ill-prepared to grapple with a major plot twist,\" noted Robby Greengold, a strategist on 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